Liberal senator Andrew Bragg and Treasurer Jim Chalmers are at odds over whether federal politicians covered under the pre-2004 defined pension scheme would be captured in the super tax changes.

The Reserve Bank of Australia is widely expected to deliver another 25 bp cut at its upcoming monetary policy meeting, potentially lowering the official cash rate to 3.85 per cent – a level not seen since mid-2023.

The consensus of a May rate cut remains, but economists are tempering their expectations for further cuts this year.

Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.

Australia’s $4 trillion superannuation industry is at a critical digital crossroads, with outdated systems threatening funds’ ability to keep up with rising member expectations and increasing regulatory demands.

Data from Chant West reinforced on Friday that super funds finished April in positive territory despite ‘Liberation Day’-driven market turmoil.

Australia’s superannuation leaders gathered in Melbourne on Thursday for a closed-door forum tackling the escalating impact of artificial intelligence and shifting retirement income models on the sector.

As ASIC looks to crack down on private markets, the Super Members Council is calling for a “balanced review” of both its opportunities and risks.

The Treasurer has shown no signs of wavering on the construction of the controversial tax, while Liberal senator Jane Hume has urged the new economics team to “speak sense” to Jim Chalmers.

Global investor sentiment brightened in May, according to Bank of America’s latest Global Fund Manager Survey, as concerns about a sharp economic downturn gave way to a more optimistic outlook for a “soft landing”.